Real estate partition can be an effective tool to resolve disputes between co-owners who have different interests or intentions regarding the use of their property. This process divides ownership of property, allowing both parties to do their own thing with their shares. Here are some legal strategies that will ensure a successful real estate division.
1. Understanding Partition Types
It’s important that you understand the different types of partitions available before starting one:
- Partition by Kind: This type involves physically splitting the property and giving each co-owner their own portion of land. It is preferred when the property has a high value and can be divided easily.
- Partition by Sale. If a physical partition is not possible or would reduce the value of the property, it may be necessary to divide by sale. The property is sold and the proceeds are divided among co-owners in proportion to their share.
The right partition depends on many factors, including the type of property and the circumstances of co-owners.
2. Effective Negotiation Techniques
Negotiation is an important strategy for real estate partitions. Consider mediation or direct negotiations as an alternative to legal action in order to resolve disputes on a friendly basis. It can save you time, money, and stress from a court case. Attorneys with experience can facilitate discussions in order to represent all parties and reach a compromise.
3. Prepare for Litigation
If negotiations fail, the next step may be litigation. Gather all the necessary documents, including property deeds and valuation reports. Also, any previous agreements between co-owners. Here, effective legal representation is essential. Lawyers must present to the court a convincing argument as to why their client’s preferred method of division is justified.
4. Understanding Local Laws and Regulations
The laws governing real estate can differ significantly from one location to another. This includes everything from the way partitions are handled, to the remedies available to co-owners. To navigate this terrain effectively, attorneys must have a thorough understanding of local laws and case law. It is important to know any precedents in law that may influence the outcome of an action for partition.
5. Utilizing Expert Witnesses
It may be advantageous to call in an expert to testify on matters such as property valuation, feasibility of dividing the property in kind or economic impact of a division by sale. Experts provide clarity for the court so that it can make an informed decision.
6. Seeking Equal Distribution
Final, it is important to ensure that the division is fair for all parties. It doesn’t have to be an equal split, but it should compensate each co-owner fairly based on the contribution they made and their ownership stake. It is especially important to do this in cases of contention where there are strong emotional attachments to the property.
The process of real estate partition is complex and can be challenging, but the right strategies can help to resolve property disputes. Understanding and implementing these legal strategies will lead to solutions that are satisfactory for all parties, whether through a peaceful negotiation or litigation.
This post was written by a professional at Bonardi & Uzdavinis, LLP. Bonardi & Uzdavinis, LLP is a boutique, full service law firm providing its clients with a wide range of representation. Our primary areas of practice include real estate, probate, personal injury, construction, and commercial litigation. If you are looking for a real estate attorney or personal injury attorney in Tampa Bay contact us today for a case evaluation today!